The Hartford rejects $23.2bn takeover offer from Chubb

The Hartford Financial Services Group has rejected the $23.24 billion takeover offer from Swiss property and casualty insurer Chubb citing that it will not be in the best interests of the company and its shareholders.

As a result, the US-based property and casualty insurance company will not enter into talks with Chubb regarding the latter’s offer, which was revealed last week.

The Hartford said that its board of directors had unanimously rejected the $65 per share offer after consulting its financial advisors – Goldman Sachs and Deutsche Bank and legal advisor Cleary Gottlieb Steen & Hamilton.

The US firm stated: “The board reaffirmed its commitment and resolve in the continued execution of The Hartford’s strategic business plan.”